Autohome Inc. (NYSE: ATHM) saw its shares fall sharply Monday, after the online destination for automobile consumers in China, announced its unaudited financial results for the third quarter.
Net revenues in the third quarter of 2020 were RMB2,315.6 million ($341.0 million U.S.), exceeding the high end of the Company's original guidance of RMB2,280.0 million ($335.8 million).
Online marketplace and other revenues in the third quarter of 2020 were RMB547.7 million ($80.7 million), which contributed to 23.7% of total revenues, compared to 19.2% in the corresponding period of 2019. Data Products in the online marketplace and other business achieved revenue growth of approximately 51% year-over-year in the third quarter of 2020.
Net Income attributable to Autohome Inc. in the third quarter of 2020 was RMB846.7 million ($124.7 million), compared to RMB643.7 million for the corresponding period of 2019.
CEO Min Lu said, "We're pleased to report a great quarter with revenues exceeding the high-end of our guidance by approximately RMB35.6 million . During the quarter, we made significant progress in enriching our end-to-end SaaS platform through unfolding new dealer data products.
"We are very encouraged by the achievements we have been making in enhancing our content offerings and are highly motivated to explore new space for future growth. As we move ahead, Autohome will remain committed to developing innovative solutions and investing in strategic areas in order to strengthen our competitiveness in the industry."
ATHM shares plunged $9.73, or 9.2%, to $96.16
